Job creation through manufacturing is often discussed as a thing in the past for the City of Camden. It turns out that those familiar methods of 19th and early 20th century industrialization, a time during the advent of companies such as RCA Victor and the New York Shipping Corporation, are far from over.
This past Thursday, the New Jersey Economic Development Authority approved a $260 million in tax credits for Holtec International, an Evesham-based power-plant supplier, to build a new manufacturing plant along the Camden waterfront. The plant is expected to occupy 600,000 square feet of space. Holtec International currently bases its headquarters in Marlton and Jupiter, Florida. Evesham officials have not commented on how the Burlington county plant will be affected.
Founder of Holtec International, Krishna P. Singh, told the EDA that unless the company receives the tax credits, they would build their plant in Charleston, S.C. New Jersey state officials say that construction for the plan is projected to require roughly 1,400 worker jobs.
According to WHYY/NewsWorks, Holtec is receiving a tax subsidy over 10 years for constructing the plant. If things go as planned, the company could hire 235 new workers, including 160 employees that from Camden to Marlton. The company is known for manufacturing nuclear fuel containers and heat exchanger parts in factories near Ohio and Pittsburgh. It also has plans to build an export zone in India. Their vision is to eventually construct a small nuclear reactor with the enlisted help of PSEG.
These recent plans for a manufacturing plant to Camden revert to a former system of job creation that the city was known for decades ago.
“A great opportunity to make Camden a prominent industrial center in the Northeast,” one Holtec company official told the Philadelphia Inquirer.
More commentary to come…